Garnishments are a way that brokers can track third party (e.g. eCommissions) repayments on loans by first priority from agent commissions or by monthly intervals. With Zipi, you can create garnishments in the system in order to automatically remove and credit these payments from future transactions.
1. Go to Lending > Garnishments.
2. Click the Create button.
3. Add the following:
a. The User / Target of the garnishment. This is the person who will be charged the garnishment.
b. Select the Interest Rate Type, such as a flat fee or %.
Note: This is not the total amount of the garnishment, it is the amount to be subtracted per period.
c. The Originator, who is the person who will receive the payment.
d. Set the length of the garnishment, in periods, by the Interest Rate Limit. For example, 12 periods.
e. Label the garnishment with Product/Service.
f. Set the frequency of the period in which it will apply, such as monthly through the Interest Period.
g. Set the start Date and Amount.
4. Click Create.
You have now completed creating your garnishment.